HootSuite on Verge of Closing Massive Financing Round

by Rob Lewis | Business

HootSuite CEO Ryan Holmes has stated publicly that he wants to grow the social media dashboard into a $1 Billion company.

But how do you do that?

Step one: Raise a massive Series B financing round that gives your company a nine digit valuation and you're well on your way.

Word on the street in Vancouver is that HootSuite is in the process of closing a funding round that will do just that.

But this news shouldn't come as much of a surprise to Techvibes readers.

If you've been been following our coverage of HootSuite over the past couple years, you know they added 100 employees to their head count in 2011, and plan to finish the year 250-strong. They also expect to have 6 million users before the end of the year, and are rumoured to be on track to grow from $10 to $80 million run rate this year.

More important, you know that investors love HootSuite. Scott Wolfgang of Hearst Interactive—and original investor in HootSuite that has doubled down since—has written publicly about what HootSuite has taught him about the Freemium SaaS business model. Wolfgang loves how HootSuite patiently build a business that is now experiencing exponential growth.

Fingers crossed that the rumors are true. Another successful chapter in the HootSuite storybook will look great on Holmes and even better on Vancouver.

At this point the company has declined comment, other than to say stay tuned for big announcement this week.

Image by Kris Krug: HootSuite's Ryan Holmes and Dave Olson with the HootBus at SXSW 2012

Hootsuite Media, Inc.
Vancouver, British Columbia, Canada

Hootsuite is the world’s most widely used social media relationship platform. More than 10 million users, including 744 of the Fortune 1000 companies, trust Hootsuite to manage their social media programs across multiple social networks from one integrated dashboard. Learn more about how Hootsuite is revolutionizing communication at http://www.hootsuite.com. more

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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more

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